Minnesota State Real Estate Tax Deductions In Trouble

You may have heard by now, but there is an effort in the Minnesota House to pass legislation that will potential harm the already-struggling real estate market. On April 20, the Minnesota House of Representatives Tax Committee released a "delete all amendment" to HF2323 and added provisions that are negative for real estate in the Omnibus Tax Bill. The measure would essentially eliminate most of the state tax deductions that home owners currently claim, thereby increasing their state income tax. The call-to-action for all real estate agents, homeowners and other concerned individuals has been circulating via email and blog posts the past few days. I am asking my readers to act by contacting your legislatures via mail (not email) and phone and by spreading the news on to others. Feel free to reblog this post. To read the Minnesota Realtor’s Association statement about the legistation, and to access the email to forward, click here.